A real estate investment publication has named Kenora one of the top 100 Canadian real estate markets set to lead the country in growth. Canadian Real Estate Wealth Magazine released its annual Top 100 Neighbourhoods to Invest In list on Monday where Kenora ranked second in affordability, behind the old west end of Moncton, New Brunswick. Kenora also came in 13th in the list of top neighbourhoods for capital growth.

Owner of Kenora’s Century 21 real estate office, Bill Scribilo, said Kenora’s property market has had consistent price growth for decades. According to the magazine, Kenora housing prices have risen 19.39 per cent since 2008.

But Scribilo said when it comes to buying homes in Kenora there are really two very distinct markets, waterfront and residential properties, which operate each according their own set of rules.

“Kenora has been very fortunate. For as long as we can remember, housing prices have been very stable. Waterfront properties have always historically held or improved in value. The residential market has remained strong even with the downturn in the paper mills,” said Scribilo.

“What’s been fortunate for the market here has been that interest rates have been staying at all time lows, which has made buying housing more affordable for people than it was 15 years ago.”

The magazine is now recommending Kenora to a kind of property buyer that Scribilo said is not very common in the Kenora market at the moment: investors who buy property not to use, but to make money by renting it or flipping it for a profit.

Kenora’s profile in the list says the community’s growing tourism industry is likely to push Kenora’s housing prices even higher as it brings more investment and amenities into town.

The magazine recommends buyers take advantage of the already strong cottage rental industry which brings in monthly rents of $2,000 in the peak season. It also cautions investors that they will have to pay above the average house price of $185,290 for a prime waterfront property in order to bring in more money.

Scribilo said most of cottage sales Century 21 does are with people from Winnipeg who want one to use themselves. He said at the moment he hasn’t seen many investors who just want to buy property to flip or rent without ever using it themselves. Most people investing in property for the rental income are usually locals putting their money into duplexes and apartments.

“The last five years have been very good, but based on the volume of business our office does, we don’t see a lot of people outside of Kenora buying property purely as an investment. We see people buy cottages and use them, we see home buyers who buy homes to live in,” he said.